Private real estate financing helps investors pay for, remodel or refinance a property via a short-term mortgage loan from a private company or an individual. Jacksonville private mortgage loans have many advantages — they are fast closing, easy qualifying and additionally, are available to self-employed borrowers.

This is great for investors because even anyone with poor credit can apply for private money for a real estate loan given that he has a project that shows promise, he has sufficient money for a downpayment, he has shown himself able in real estate, and he has a plan for an exit strategy. In addition to this, if you are looking for a fast closing, there are few options better than Jacksonville private real estate mortgages.

Typically, people approach a private mortgage lender in Jacksonville when:

1. They want to remodel or make repairs to the house to be able to offer it for sale at a higher price point or to get higher monthly rental fees.

   One example is a customer who held a two-unit rental. He previously built up considerable equity in the house and the rent was a routine revenue stream. He wanted to complete some upgrades to the place to help keep his rents high, but a low credit score of 520 meant a bank would doubtless turn down his loan application. Thus, he came to Read Rock Capital for a cash-out refinance and received financing at 65% LTV.

2. They want to merge their unsecured debts into one single payment.

   Most people think it is stressful to manage multiple payments each month. Because of this, some people choose to take advantage of the equity in their house to consolidate their debts into just one mortgage loan which has a lone payment per month.

3. They would like to utilize their house's existing equity for another purchase.

   One of our clients in Hawaii owned a home valued at $1.2 million. Though it was challenging for him to secure an interested party for the home, he had an individual who was ready to lease it having an option to purchase it. The amount of rent was more than enough to cover his monthly mortgage payment, taxes and homeowner's insurance obligations. The renter additionally put two hundred thousand dollars for a non-refundable down payment as he signed the 3 year contract. These assurances meant that he did not have to worry about the property's future financial obligations, and as a result, when another great real estate opportunity showed up, he found Read Rock Capital and obtained a private mortgage loan at 70% loan to value. Meaning that he could make a down payment for the new property, and also help with his present mortgage.

4. The balloon payment for their current private loan is due and they can not handle it.

   If an unexpected incident prevents a person from hitting his balloon payment due date, he can seek out a different loan company to refinance. A cash-out refinance can help the person pay the balloon payment and evade consequences.

Are you searching for a private mortgage lender in Jacksonville to help you afford your investment purchase? Complete the contact form or get in touch with us via phone to talk about your project.